The board of Brazil's state-controlled electric utility Centrais Eletricas Brasileiras SA approved on Monday 6.5 billion reais ($2.9 billion) in fundraising to be dispersed in three stages, the last in 2015.

The funds will come in the form of loans from state-run banks Caixa Economica Federal and Banco do Brasil, according to a securities filing. The company known as Eletrobras is working to expand its generation and transmission capacity and plans to invest $26.8 billion by 2018.